With the 2024 U.S. presidential election on the horizon, Alex Thorn, who leads Firmwide Research at Galaxy Digital, utilized X (previously known as Twitter) to unveil a policy scorecard.
This report assessed the cryptocurrency positions of the presidential contenders—Kamala Harris and Donald Trump. The analysis indicated that
“There is limited downside risk in a Harris win, but the potential for explosive growth in case of a Trump victory.”
This forecasted broader industry prospects in the event of the former president’s return to the White House.
Trump vs. Harris: Who is cryptocurrency-friendly?
Upon closer inspection of the scorecard by CryptoCrypto, it was revealed that out of the nine key criteria highlighted, Trump outshone Harris in seven.
Despite Harris offering some promise for improvement in comparison to President Joe Biden’s crypto stance, Trump’s policies were perceived as more favorable towards the cryptocurrency sector.
Trump’s platform advocated for pro-Bitcoin [BTC] mining regulations, promising, “Bitcoin will be manufactured in the United States.” This contrasted Harris’ emphasis on actions against significant electricity consumers.
The former President also made his anti-Central Bank Digital Currencies (CBDCs) stance clear and reiterated his commitment to eradicating restrictive banking procedures like Operation Chokepoint 2.0.
In contrast, while Harris displayed a willingness to ease Operation Chokepoint 2.0, she raised apprehensions with her plan to overturn tax cuts implemented during the Trump era, potentially leading to stricter regulations on digital assets.
Moreover, the VP did not provide any specific assurances regarding self-custody rights. Meanwhile, Trump has vowed to safeguard the right to self-custody.
Observing these policy discrepancies, Thorn remarked:
“Bitcoin should thrive irrespective of the election outcome. Altcoins may face threats from Harris and might witness better performance under Trump’s leadership.”
Therefore, the election is poised to be pivotal in determining the trajectory of altcoins.
Shifting Perspectives: From Doubt to Advocacy
Fascinatingly, both Trump and Harris have demonstrated evolving stances on cryptocurrencies. In a Fox Business interview in 2021, Trump referred to crypto as a “looming disaster.”
However, he rebranded himself as a crypto proponent during the Nashville Bitcoin Conference in 2024.
Similarly, after months of ambiguity on the subject, Harris also began leaning towards endorsing crypto innovation.
Impact of Cryptocurrency on the 2024 Election
This transformation in the candidates’ cryptocurrency views mirrors the escalating importance of digital assets in U.S. politics. As highlighted by CryptoCrypto, almost half of U.S. voters consider a pro-crypto stance a crucial factor in the forthcoming election.
With a multitude of Americans holding digital assets, crypto enthusiasts are emerging as a significant demographic.
Consequently, the election result could have enduring consequences, as the policy trajectories of both candidates carry significant implications for the digital economy.